Agenda Item 7174

December 6, 1999

SUBJECT: Purchase of Banking Depository Services

PROPOSED ACTION
That the Board of Trustees discuss authorizing Administration to contract for bank depository services.

RELATED BOARD POLICY OR PLANNING PRIORITY
This item is consistent with Board Policy C-10, Purchasing.

RATIONALE
Austin Community College currently has a depository contract with Bank One, Austin, Texas. Section 45.205 of Texas Education Code and Senate Bill 656 requires Bank Depository Services to be bid every four years. (A two-year contract term with one, two-year extension).

Request for Proposal packets were sent to seventeen banking institutions. The following five banking institutions responded to the RFP:

      1. Bank of America
      2. Bank One
      3. Chase Bank
      4. Frost Bank
      5. Norwest Bank

Bank depository services include demand deposit accounts, automated balance reporting, check reconcilement, stop payments, wire transfers, ACH transactions, direct deposit of payroll, surety bonds, and credit card services.

In an effort to effect the most productive use of cash, minimize operating cost, safeguard assets and provide maximum flexibility of its cash, Austin Community College has contracted with SoCo Consulting, Inc., a firm specializing in productivity and profit improvement solutions. The owner, Toni A. Neal, has over twenty years experience in cash management and banking practices. SoCo will evaluate the proposals and recommend to Austin Community College's evaluation committee the top two vendors whose services will provide the best value to Austin Community College as per criteria listed in the Request for Proposal.

BUDGETARY CONSIDERATION
Funds for this item are included in the approved FY2000 operating budget.

RESOURCE PERSONNEL
Elvis Eaglin, Purchasing Manager
Sandy Yarbrough, Buyer

ATTACHMENTS
None

 

Respectfully Submitted By:

 

Ana M. "Cha" Guzmán, Executive Vice President
Administration, Institutional Advancement & Community Relations

 

Richard Fonté, President